Understanding Economic Terms and Concepts

Front

What is the term for the measure of the rate at which the average price level of selected goods and services in the economy increases over a period of time?

Back

Inflation

Front

Which index measures the change in prices over time?

Back

Customer Price Index (CPI)

Front

What is the term for the rate at which the price of goods and services decreases over time?

Back

Deflation

Front

What is the term for the marketplace of goods and services?

Back

Financial Market

Front

What is the term for the ease with which an asset can be converted into ready cash without affecting its market price?

Back

Liquidity

Front

What is the term for a basic good that is interchangeable with other goods of the same type?

Back

Commodity

Front

What is the term for goods and services purchased from other countries?

Back

Imports

Front

What is the term for the process by which people draw inferences about others based on their knowledge of the categories to which others belong?

Back

Stereotyping

Front

What is the term for government-imposed limits on the prices that producers may charge in the market?

Back

Price Controls

Front

What is the term for markets when prices are rising and more products are being purchased?

Back

Bull Market